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Is it Still Possible to Become Rich With Crypto?

Cryptocurrencies have caused an enthralling buzz in the last couple of years that it is virtually impossible to avoid them. Bitcoin The “First ever Cryptocurrency” has caught the mass attention of the public and challenged the very method that institutions conduct business. The way that institutions conduct business has shifted. Crypto millionaires are already at a high number during Q4 2021. Continue reading?

Crypto-currencies like Bitcoin, Ethereum, Solana are rising to historical highs, which indicate the beginning of another bull run. However, the typical investor is still pretty cautious about such gains. An average investor is thrilled and frightened by stories of people who have made a fortune through crypto.

Bitcoin was a hot topic only a few months ago. Why? because Tesla was refusing to accept Bitcoins as a form of payment, citing environmental concerns. Tesla accepted this change a couple of months ago. As a consequence, Bitcoin declined and the entire crypto market. A large amount of money was driven away from the market. China was also a part of the problem by imposing a strict restriction on mining of and the use of cryptocurrency in the near future. The announcement of the Bitcoin ETF on the New York Stock Exchange has revived the market. Bitcoin along with other mainstream currencies are at all time highs.

Overtake the Elites

Bitcoin

How can we ignore Bitcoin when we’re talking about performance? Since its inception Bitcoin has risen to thousands and thousands of percentage of what it was. If you had invested $1000 in Bitcoin ten years ago, today your investment is more than $15 million. As long as you do not let your investments go to auction in the meantime. Despite its monumental rise and fall within the past year, Bitcoin has still managed to grow 372% in the last year.

Ethereum

Ethereum is the second largest cryptocurrency globally. Ethereum is a smart contract and dApps (Decentralized Applications Building Ecosystem), has been called the “next big thing” only a few times. It’s a tech which deserves to be appreciated. The Ethereum’s rise of more than 500% in just the last year is likely to soon surpass Bitcoin as the most popular cryptocurrency.

Dogecoin

Dogecoin is a fascinating coin, was released in 2015 as a joke, due to the excitement over crypto in 2015. It was a concept creators thought of to make fun of. Dogecoin may not be a strong suit when it comes to a real applications in real life. Investors in Dogecoin this year saw a gain of 19000% on their investment. Furthermore, Dogecoin is one of the most favored digital currencies because of its community level passion and support. Elon Musk is among the main figures that have often advertised the meme currency in his social media, which has caused an impressive increase in its value.

Some financial experts believe that Crypto has been able to reach its full potential or has been overhyped. We’re all aware of the fact that Cryptocurrency is driven by speculation and general demand. Which is what makes it difficult to estimate “What value is suitable for a particular cryptocurrency. A very select few have achieved success in the crypto world However, most of the money was lost during the previous bull market. Have we missed the train that was going through crypto? Does the cryptocurrency market have been done and over with all the gains it has made?

Crypto isn’t over, but it has seen its beginning boom

Crypto has already hit an amount of trillion dollars but institutions are only beginning to study it. It’s true that the Crypto industry is still at its infancy. But, it appears to have a sustainable and steady upward trend for the long term. Several Financial institutions have already added crypto-currencies into their portfolio’s. Technology companies aren’t too far behind as they look to capitalise on this new kind of technological breakthrough. Regulation is also an important element of Cryptocurrencies. El Salvador was the first nation to recognize Bitcoin as a legal tender. Since then, the regulators are hard at work making a framework that can allow the use of Bitcoin. A number of other countries are in the process of or atleast eyeing for ways to regulate this brand new form of technology.


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